Retail marketing is the most flourishing sector in today’s era. Retailers have shown tremendous interest in advertising and marketing, realizing the importance of effective communication. Thus, many advertising agencies in Mumbai have shifted their focus to this sector. An advertising agency takes care of the entire campaign, including the ATL and BTL activity. Assigning the job to a single advertising agency also helps a communication message to get conveyed consistently across all media. These days, even the marketing agencies in Mumbai have aggressively started serving the retail industry envisaging future growth. Marketing agencies in Mumbai also conduct research studies to analyze the competitive scenario in the retail industry.
Now-a-days, corporates are also focusing on the retail industry, since these retailers are in direct contact with the customers and prospect customers too. In retail marketing, there are several factors that may influence the buying decision of a consumer. The positioning of the product, the packaging, the pricing, etc. are the factors evaluated by the consumer at a sub-conscious level. Retail outlet is where the brand comes in direct contact with the consumer. This is where a brand interacts with the customers. Many retail outlets also play upon the plan to ensure that every customer who visits the outlet takes an experience along after leaving. This experience adds value not only to the brand recall but also helps build a relationship with a customer by enticing them through the ambience. Retail marketing has gone very far from the conventional ways.
Retail marketing strategy has become one of the basic elements of marketing which includes a lot of planning and proper execution of this planning. In retail, a marketer focuses primarily on the needs and desires of the customers. Creating customer loyalty is the basic function of retail, as once the retailer creates customer loyalty towards a brand, it becomes easier for the retail outlet to stay in the market for a longer period of time. Creating customer loyalty is not a very easy task, as it takes years for a brand to create customer loyalty.
More than aggressive advertising, they have started adopting innovative ways to entice the customers, merely to create customer loyalty and also attract prospective customers. Many loyalty programs, like loyalty cards, are introduced to maintain the loyalty. For example: Pantaloons, Lifestyle, etc. have introduced loyalty cards with varying discount offers. Hence, customers keep coming back to the outlet and shop more only to benefit from the discount offers. Hence, the retail market revolves around customer loyalty.